ECONOMICS
OPPORTUNITY COST
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Need
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Want
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Good
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Service
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Detailed explanation-1: -Tangible economic product that is useful, relatively, scarce, transferable to others; used to satisfy wants and needs. Capital Good. Tool, equipment, or other manufactured good used to produce other goods and services; a factor of production.
Detailed explanation-2: -GOODS-1st type of economic product is a GOOD-an item that is economically useful or satisfies an economic want. 1. A CONSUMER GOOD-is intended for final use by individuals.
Detailed explanation-3: -Goods are tangible things that satisfy our wants (like boats, computers, cars, etc.), services are intangible things that satisfy our wants (like the services of an accountant, or a dentist, or a lawyer).
Detailed explanation-4: -The term goods in economics refers to things that are useful to consumers and have a value. Goods provide utility, satisfy human wants/needs, are transferrable, and are tangible.